Saxo Bank: Azerbaijan’s membership at AIIB is very significant decision

Steen Jakobsen: Azerbaijan will get a new credit resources for infrastructure projects in Azerbaijan

Baku. 23 April. REPORT.AZ/ Azerbaijan’s membership at the Asian Infrastructure Investment Bank (AIIB), an international financial institution proposed by the government of China, is very significant decision. Report informs it was said by the Saxo Bank's Chief Economist Steen Jakobsen.

Assessing the mentioned process, Steen Jakobsen said: “It’s a must for Azerbaijan from economic, geographic and development reason to join the AIIB. The AIIB is the precursor for the establishment of the Silk Road strategy from China. In lack of a better word its China Marshall plan for Eurasia connecting through infrastructure, loans and bilateral trade all countries from China in East, to Italy in West, and Cape Hope in Africa. It will be backed by Chinese reserves 14 bln. USD worth and it expected to create investment and turnover of more than 1 trillion US dollar each year".

Speaking about approval of Azerbaijan’s offer to become prospective founding member of the China-led infrastructure bank, Saxo Bank’s Chief Economist said:

“Becoming prospective founding member of the Asian Infrastructure Investment Bank that was created to meet the growing financial needs of the Asian region for the development of infrastructure will give Azerbaijan ability to be part of the decision process, to sit at the table when decisions regarding the region are taken.”

According to S. Jakobsen, there are several prospects of AIIB for Azerbaijan, such as being part of the New Silk Road, getting access to credit and infrastructure, increasing trade with the members of the organization.

Azerbaijan has been confirmed as a prospective founding member of Asian Infrastructure Investment Bank, last week. Representatives of Azerbaijan will take part in the founding discussions of Asian Infrastructure Investment Bank to be held on April 27 in Beijing.

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